Is It a Good Time to Buy a Home in London Ontario?

What the London Market Actually Looks Like Right Now

London is sitting in buyer's market territory — and has been for several months. There are currently close to 2,400 active listings across the city, homes are taking about 28 days to sell on average, and the sales-to-new-listings ratio is sitting around 39%. Anything below 40% is firmly in buyer's market territory, which means sellers are negotiating and buyers have options.

Prices have come down meaningfully from their 2022 peaks. The benchmark home price in London for February 2026 was $561,600 — that's 8.7% lower than February 2025. For buyers who were watching from the sidelines during the frenzy years, that gap matters. A detached home that was pushing $800,000 in early 2022 is a different conversation today.

Interest rates have also shifted. The Bank of Canada's rate-cutting cycle that began in mid-2024 brought the overnight rate down significantly from its peak of 5%. That's translated into real relief on monthly carrying costs — the kind that's brought a lot of buyers who had been priced out back into range.

The Case for Buying in London Right Now

The combination of lower prices, declining rates, and high inventory doesn't come around often. Each of those three things helps buyers independently — when they line up together, it's a genuine window.

• More inventory means more choice. When there are only a handful of homes that meet your criteria, you end up making compromises or overpaying just to secure something. Right now, buyers in most London neighbourhoods have real options.
• Homes are selling below asking. The average sale-to-list ratio in February 2026 was 97.4%, meaning homes are selling about 2.6% below list price on average. That's negotiating room that simply didn't exist in 2021 and 2022.
• Rates are lower than they were 18 months ago. The high-rate environment that froze so many buyers out has meaningfully eased. Fixed-rate mortgages are well below their 2023 peaks, which changes the monthly payment math considerably.
• Less competition at the offer table. Conditional offers — home inspection, financing — are back. In the peak market, buyers were waiving conditions just to compete. That was a significant risk that most buyers no longer have to take.
• London remains affordable relative to every other major Ontario market. The benchmark price here is roughly $100,000 below the national average and dramatically lower than the GTA, Hamilton, or Guelph. That affordability gap continues to draw buyers from larger centres.

What to Be Thoughtful About

Buying a home when uncertainty is in the air — tariffs, job market noise, a softening economy — feels uncomfortable. That discomfort is real and worth acknowledging. Here's where it actually matters for buyers in London:

The Neighbourhoods That Make Sense Right Now

The London market isn't one number. Prices and days-on-market vary significantly by neighbourhood, and that matters when you're making this decision.

In established family neighbourhoods like Byron and Oakridge, well-priced detached homes are still moving — sometimes with competing offers. These areas hold value, attract families, and have consistent demand. They're not where you're going to find huge negotiating room, but they're also not where you're going to regret buying in five years.

East London and parts of South London are where the relative affordability story is strongest right now, with options well below the city average. For buyers with a longer investment horizon or those stretching their budget, these areas are worth a serious look.

If you want to understand what specific neighbourhoods look like right now — what's listed, what's sold, what the price per square foot actually is — that's a conversation worth having with someone who watches these micro-markets daily. That's exactly what Eric does. Start exploring your options here, or browse current London listings to get a feel for what's out there.

Is Now a Good Time to Buy a Home in London Ontario?

If your employment is stable, you have your down payment and closing costs covered, and you're buying a home you plan to live in for at least five years — yes. The conditions right now genuinely favour buyers in a way that hasn't been true since before the pandemic. More inventory, softer prices, lower rates, and less competition at the offer table.

Trying to time the bottom of a market is nearly impossible, and by the time it's obvious the bottom has passed, the window is already closing. The buyers who tend to do best are the ones who buy when the numbers work for their life — not when the headlines tell them it's safe.

What this market does not reward is overpaying for the wrong house just because you can. Pricing strategy and neighbourhood knowledge matter as much in a buyer's market as they do in any other — because not every home at a reduced price is a good deal. That's where having the right agent in your corner makes a real difference. Learn more about how buying works with Cassidy & Co.